Low Mortgage Rates and Limited Supply Heat Up September Housing Market

Posted: 10.22.20

Low Mortgage Rates and Limited Supply Heat Up September Housing Market

The strong seller's market continued in September, with the 30-year fixed-rate mortgage at a record 2.89% statewide and the limited supply of homes driving the median home price up 17.9% compared to 2019.

“Record-low mortgage rates and a narrow market come together to increase prices throughout all of Wisconsin, and we're seeing that in our area as well," said REALTORS® Association of Northwestern Wisconsin Executive Vice President Brenda Barnhardt.

According to the Wisconsin REALTORS® Association, the statewide median home price is $229,900, which is similar to what we're seeing locally. Chippewa County's median home price was $232,500 in September, which is a 26.6% increase from 2019. Even though the prices of homes this year are higher, Chippewa County has seen an 11.2% increase in sales this year compared to last year. 

Home buyers shouldn't be scared off by the spike in the home prices. Due to the low mortgage rates, a typical buyer can still afford to purchase a home.

“Local REALTORS® can help buyers find the home that is right for their family in any market,” said Deb Hanson, RANWW board president.

The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all professional REALTORS® residing within the association jurisdiction belong to. The association provides educational opportunities for its members, is active in local, state and national advocacy efforts, engages in community outreach through charitable giving, operates its own private foundation to help homeowners in need and remains a positive force for the members they serve.

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